Take your credit scoring solution to the next level with real-time data

August 09, 2019 | Louise Basse

“Can you send proof of your income from the last five years?”

At some point in our lives, most of us need to borrow money for something. A house, a car, a summer house, or a once in a lifetime sailing trip around the globe.

But before the loan hits our accounts, most of us have to go through a credit score check that often involves finding the right financial statements that go several years back.

And while technology and data have changed the way we watch TV (on-demand), stay connected with friends (social media), and pay for our purchases (contactless), not a lot has changed about credit scoring solutions over the last couple of decades.

Today, credit scoring solutions are still based on outdated financial data that doesn't say anything specific about the consumer’s current financial situation. That makes it a challenging task to truly know if your customers are qualified for the loans or mortgage they’re applying for.

So. How you can use real-time bank data to create a better credit scoring system that benefits your business and your customers?

Using data for the greater good

Well. It’s all about the data and enrichment of data.

Access to real-time data from all Nordic banks makes it easier for you to understand your customers’ true financial capacity.

To make credit scoring risk smarter, faster and more fair, our account aggregation API lets lenders, banks and other businesses create a more instant and accurate credit scoring system.

In this way, businesses can make better and more informed credit score decisions based on valuable real-time data rather than looking at old salary checks.

A better way to judge risks

Ultimately, access and enrichment of real-time data will create a faster and fairer credit scoring system for both businesses and consumers.

On the business side, it’s much easier for you as a business to judge risks if you have an up-to-date and valuable set of data as the foundation for your credit score management.

Our technology enriches and categorises all transaction data, so lenders can predict a more accurate borrower payment behaviour.

Want to learn how you can use our account aggregation API to minimize credit scoring risks?

Don’t be shy.

Reach out to us, and we’ll help you get started!